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Operational Update
Globenewswireยท 2025-06-12 06:00
Core Viewpoint - Vast Resources plc is undertaking a comprehensive review of its asset portfolio and operational strategy to transition into a mid-tier production company, focusing on its Romanian assets and diamond sales [2][4]. Group 1: Operational Updates - The company has established a group technical services function to review its existing asset base and develop a sustainable operational plan [2]. - A temporary suspension of operations at Baita Plai is expected to last up to three months to facilitate a comprehensive geological review and the generation of a new mine plan [7]. - The company is also assessing the potential to restart mining activities at the Manaila-Carlibaba project in Romania during the second half of 2025 [7][8]. Group 2: Diamond Sales - Initial cleaning of diamond parcels has shown very encouraging quality indications, supporting the company's sales and marketing strategy [5][8]. - Initial diamond sales are expected to commence in a matter of weeks through public or private tender in Dubai [6][8]. Group 3: Romanian Assets - The Romanian portfolio includes 100% interest in the Baita Plai Polymetallic Mine, which has a JORC compliant Reserve & Resource Report indicating a production life of approximately 3-4 years and a total mineral resource of 15,695 tonnes copper equivalent [12]. - The company is working on confirming an enlarged exploration target of up to 5.8 million tonnes for the Baita Plai mine [12]. - The Manaila Polymetallic Mine is also being prepared for a return to production following a period of care and maintenance [13]. Group 4: International Operations - Vast Resources retains a presence in Zimbabwe and is re-engaging its investment strategy, discussing further mining concessions [14]. - In Tajikistan, the company has a joint venture providing exposure to the Takob Mine processing facility, which is 100% financed and will yield a 12.25% royalty on sales [15]. - The company is also contracted to develop and manage the Aprelevka gold mines, aiming to increase production closer to historical peak rates [16].